Transform your home, one loan at a time
Finance your dream home improvements with renovation loans in Columbus, OH. Buy and renovate, or upgrade your current home — all in one convenient loan.
Transform your space. Skip the stress.
Our renovation loans are designed for homeowners who want to create their dream space without the financial stress of separate financing.
One loan for purchase and renovation
Combine your home purchase and renovation costs into a single, manageable loan with one monthly payment.
Flexible renovation timeline
Take your time with renovations — up to 12 months to complete your project with staged fund disbursements.
Competitive rates and terms
Get competitive interest rates and flexible terms that work with your budget and renovation timeline.
Expert guidance throughout
From loan approval to project completion, our team guides you through every step of your renovation journey.
Everything you need to know about renovation loans
What is a renovation loan?
A renovation loan combines your home purchase and renovation costs into a single mortgage. Perfect for buying fixer-uppers or making major improvements to your current home without separate financing.
Types of renovation loans
FHA 203(k) loans offer lower down payments (3.5%) for government-backed financing. Conventional renovation loans provide more flexibility and higher loan limits for qualified borrowers.
What renovations are covered?
Renovation loans can cover kitchen remodels, bathroom updates, room additions, structural repairs, energy efficiency upgrades, flooring, roofing, HVAC systems, and cosmetic improvements.
Who should consider a renovation loan?
How to get a renovation loan with Ultimate Mortgage
Complete our renovation loan application
Provide your financial information, renovation plans, and contractor estimates. Prequalification won't affect your credit score.
Get approved and close your loan
Once approved, we'll close your loan and set up an escrow account for your renovation funds. Timeline typically 30-45 days.
Complete your renovations
Work with your approved contractor to complete renovations. Funds are disbursed in stages as work is completed and inspected.
Your dream home just got more achievable
One loan, one payment
Combine your home purchase and renovation costs into a single mortgage with one monthly payment to manage.
Staged fund disbursements
Renovation funds are released in stages as work is completed and inspected, protecting your investment.
Expert contractor network
Access our network of approved contractors who understand renovation loan requirements and timelines.
💡 Frequently Asked Questions
A renovation loan is a type of mortgage that allows you to finance both the purchase of a home and the cost of renovations in a single loan. This is perfect for buying a fixer-upper or making major improvements to your current home without needing separate financing.
Renovation loans can cover a wide range of improvements including kitchen remodels, bathroom updates, room additions, structural repairs, energy efficiency upgrades, flooring, roofing, HVAC systems, and cosmetic improvements. The renovations must add value to the property.
The amount you can borrow for renovations depends on the loan program and property value. FHA 203(k) loans allow up to $35,000 for limited repairs, while conventional renovation loans can cover much larger projects. The total loan amount is typically based on the property's value after improvements.
FHA 203(k) loans are government-backed with lower down payment requirements (3.5%) but have stricter guidelines and limits. Conventional renovation loans offer more flexibility in project scope and timeline but typically require higher down payments (5-20%) and better credit scores.
The renovation timeline varies by project scope. Simple cosmetic updates might take 2-4 weeks, while major structural renovations can take 3-6 months. The loan process typically takes 30-45 days, and you'll have 6-12 months to complete renovations depending on the loan program.
Yes, most renovation loans require you to work with a licensed contractor. The contractor must be approved by the lender and provide detailed estimates, timelines, and proof of insurance. Some programs allow owner-builder options for qualified borrowers with construction experience.
Renovation funds are typically held in an escrow account and disbursed in stages as work is completed. An inspector verifies each phase of work before funds are released. This protects both you and the lender by ensuring work is completed properly before payment.
Ready to transform your home?
Get a custom renovation loan quote today — see how we can help you create your dream home.